🔺International Energy Agency warns of a severe drop in global oil production and demand

▪The International Energy Agency says global daily oil demand will fall by 2.5 million barrels over the course of this year. According to this report, the reason for the decline in global oil demand is the reduced activity of the world’s petrochemical and refining units, especially in East Asia.

▪The agency says it expects global daily oil production to also decline this year, falling by 5.7 million barrels to reach 100.7 million barrels.

▪Given the significant gap between production and demand, part of the oil needed by the world is supplied from strategic reserves of industrial countries, especially China and the United States. The report says that since the start of the Middle East war, about 507 million barrels of the world’s strategic oil reserves have been depleted.